January to
- Revenue grew to
EUR 370 thousand (EUR 87 thousand ).
-
Operating loss for the period was
EUR 3 093 thousand (EUR 1 993 thousand) -
Total investments were
EUR 2 949 thousand (EUR 2 287 thousand). - The number of permanent employees at the end of the period grew to 49 (28).
Significant events during H1 / 2021
Spinnova announced a 50/50 joint venture with Suzano calledWoodspin Oy , whereSpinnova will be the exclusive technology provider, and started building the first commercialSPINNOVA ® factory inFinland .Spinnova and Suzano announced Woodspin's scaling ambition to more than 1 million tonnes ofSPINNOVA ® fibre annual production capacity by 2031.Spinnova selected Valmet, a global leader in pulp and paper technology, to supply a drying component for the first Woodspin SPINNOVA® production line.Spinnova announced a 50/50 joint venture with ECCO's trading company KT Innovations calledRespin Oy , whereSpinnova will be the exclusive technology provider, and started building a proof-of-concept production line for leather waste-based fibre inFinland .-
It was agreed that
Spinnova will charge a total ofEUR 2.5 million for its services and technology to Respin over the course of the proof-of-concept phase. Spinnova carried out a successful initial public offering that raisedEUR 115 million , thereby securing the core capital requirement for its growth plan. Trading inSpinnova's shares (SPINN) started on the Nasdaq Helsinki First North Growth Market on 24 June.-
adidas and the
H&M Group joined the group ofSpinnova's brand partners. Spinnova appointedBen Selby as Chief Financial Officer and member of the management team. Former Chief Financial OfficerPetri Poranen was appointed Chief Operating Officer.Harri Sundvik andVinicius Nonino were appointed as Members of the Board of Directors.
EUR Thousand | 1-6/2021 | 1-6/2020 | 1-12/2020 |
Revenue | 370 | 87 | 254 |
Operating profit / loss | -3 093 | -1 993 | -5 473 |
Earnings per share (EUR, diluted and undiluted) 1) | -0.30 | -0.06 | -0.17 |
Net debt | -98 354 | -3 010 | -1 372 |
Equity ratio, % | 90% | 61% | 54% |
Number of permanent employees at the end of the period | 49 | 28 | 40 |
Number of permanent employees, average | 43 | 26 | 34 |
1) The company's potential dilutive instruments consist of stock options. As the company's business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in measuring the dilutive loss per share. Thus, there is no difference between the undiluted and diluted loss per share. The number of shares in the historical figures is adjusted with the two share splits that took place first in
CEO's Review -
In the first half of 2021,
Brand partnerships developed favourably
In the first half of 2021, we were proud to announce that both adidas and the
After the reporting period, we were proud to announce our collaboration with The North Face, with the goal of commercializing sustainable products using
Suzano committed to Woodspin scaleup
The wood-based
The factory is expected to be completed at the end of 2022.
Suzano supports our scaling plans and has committed to the Woodspin joint venture producing more than one million tonnes of
IPO proceeds support growth plan
We raised
The execution of our strategy is proceeding well. With demand from world class brands and with strategic partners for both raw material supply and industrial scaling, we now have the building blocks in place to execute our strategy and complete our commercialisation and production scaleup plans.
Significant events after the period
In August, Shahriare Mahmood was appointed as Chief Sustainability Officer and member of the management team.
- In August,
Spinnova and The North Face announced they have signed a product development agreement.
Half-year report webcast
A recording of the event will be available on the investor website shortly after. The event is open to all investors and media representatives.
A registration is required and can be done at:
https://spinnova.videosync.fi/2013-02-01-spinnovainterimreport
The half-year report is available in full as an attachment of this release and on the company's investor website at https://spinnovagroup.com.
Chief Executive Officer
janne.poranen@spinnova.com
+358 400 138 711
Certified advisor
+358 50 520 4098
The patented
Corporate & IR site: www.spinnovagroup.com
https://news.cision.com/spinnova/r/spinnova-plc-s-half-year-report-january-june-2021--unaudited----strong-joint-ventures-and-successful,c3415976
https://mb.cision.com/Main/18819/3415976/1468811.pdf
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